NEW YORK (AP) โ U.S. stocks rise Tuesday as the bond market calms after some wild swings.
The S&P 500 rose 0.2% in early trading, a day after falling from its all-time high. The Dow Jones Industrial Average was up 119 points, or 0.3%, as of 9:40 a.m. ET, and the Nasdaq composite was up 0.2%.
Stocks have been under some pressure recently as signs continue to come in that the Federal Reserve likely won't cut interest rates as soon as traders had hoped. The economy has remained remarkably strong, even though the Federal Reserve has raised rates to slow it and reduce inflation. This has pushed some forecasts for the first rate cut since March into the summer.
If lower short-term interest rates don't boost stock prices, the hope is that strong corporate earnings will.
Eli Lilly rose 2.7% after reporting better earnings and revenue for the final three months of 2023 than analysts expected. It is benefiting from growing demand for its diabetes and weight loss treatments, and gave a revenue forecast for next year that beat analysts' estimates.
GE Healthcare Technologies was another winner, up 6.9%, after reporting healthier-than-expected earnings and revenue.
Palantir Technologies, one of the companies that has been in a frenzy on Wall Street over artificial intelligence technology, rose 23.9% after its results for the latest quarter roughly matched analysts' expectations.
Music and podcast streaming platform Spotify jumped 9.1% after reporting stronger-than-expected growth in its subscriber base, even as revenue missed analyst targets.
They helped offset a 7% drop for FMC, whose products help protect crops. The company's earnings and revenue fell short of analyst projections, in part due to drought conditions in Brazil.
With earnings season halfway over, there are still plenty of heavy hitters reporting this week, including CVS Health, The Walt Disney Co. and PepsiCo.
In the bond market, the 10-year Treasury yield eased a bit and calmed down after rising in recent days. It fell to 4.14% from 4.17% late Monday.
Strong reports on the labor market, U.S. service industries and other areas of the economy have pushed yields higher, up from 3.88% earlier this month.
In overseas stock markets, Chinese indices soared following the latest measures announced to shore up what have been some of the world's worst-performing markets. Investors hope the government will take even more action.
Shares rose 4% in Hong Kong and 3.2% in Shanghai, although both are down more than 5% so far this year. Concerns about a weak economic recovery and problems in the real estate industry have dragged down Chinese stocks.
Stocks were mixed and moved more modestly elsewhere in Asia and Europe.
In London, the FTSE 100 rose 0.7% after shares in energy giant BP rose following its latest results report.
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AP Business writers Elaine Kurtenbach and Matt Ott contributed.
